"Aatmanirbhar Bharat Abhiyan will encourage growth and helps to build Self-Reliant India Says" Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has announced the best beneficiary measures that the government of India will take to help Micro,small and Medium enterprises (MSME) and for Small businesses to recover from the severe damage caused by Pandemic Covid-19.

Nirmala Sitharaman

The Economic Package which was announced yesterday by our Prime Minister Narendra Modi will be released in segments by taking specific 14 measures . Six Measures for MSME, Two Measures for EPFO ,Two measures for Mutual Funds and NBFC and one measure each for Real-estate, DISCOMs, Tax measures and Contractors. The Economic Stimulus package plays a key role in achieving the "Atmanirbhar Bharat Abhiyan" Mission to build self-reliant India.

                                KEYPOINTS IN FINANCE MINISTER SPEECH

• Rs 50,000 Crore Liquidity through TDS/TCS rate reduction from Tomorrow to March 31 2021.
• Reduction of TDS rates by 25%. It is applicable on all payments.
• Due Date of IT Returns for FY 2019-2020 from July31 2020 and October 31 2020 extended till November 31 2020  
• Tax Audits also extended from September 30 2020 till October 31 2020
• All Pending Refunds of Non Profit Business, Charitable Trusts, Cooperatives and Small partnerships shall be issued immediately.
• Extension of Registration and Completion of all Real Estate Projects by 6 Months for all registered projects expiring on or after March 25 2020 as an event of Force Majeure under RERA.
• The Finance Ministry announces extension up to 6 Months for all central agency contractors  like Railways, Road Transport and Highways etc...
• Vivaad Scheme Extended up to Dev31 2020 with no extra payment sought. 
• Rs 90K crore Liquidity Injection announced for DISCOMs as one time infusion of liquidity against receivables.
• Rs 45K crore partial credit guarantee scheme for NBFC's 
• Rs 30K crore special liquidity scheme for Primary and Secondary Markets like MFIs, HFCs and NBFC's
• Rs 2500 crore EPF Support for Businesses and Workers for 3 More Months
• EPF Contribution reduced to 10% from 12% for all establishments.
• E-Market Facility for MSMEs 
• Global tenders will be disallowed up to 200 crore in the Government
• Rs 20K crore loan for stressed MSMEs which will benefit 2 lakh MSMEs
• Collateral free Automatic Loan Facility for MSMEs